Most Popular Lending Content
Upping Force Placed Policy Procedure
07/16/2023
A flood policy expired on a loan that had deferred principal due to a COVID Deferral program. The customer didn't renew their policy and force placement of coverage was implemented, notices went out on time and the force placement happened on day 46. The problem came one week prior to the renewal of the force placed policy, when evaluating to renew, it was discovered that the number used to calculate coverage last year was incorrect. The principal used was a much smaller amount which is the one agreed on the COVID deferral, but not the real one. Since the policy is a forced placed policy, and regulation doesn't require a new set of notices, we only send one courtesy letter advising the client of the imminent force placed renewal. My counterparts think that we should restart the letters since we will renew the policy for a higher amount but I don't agree with that assessment. What do you think?
Source for lending activity in low- to -moderate income communities
07/16/2023
How can I find out what the lending activity is in LMI communities?
Making your mortgage products more attractive
07/16/2023
Any advice about product enhancements to mention to future homebuyers?
Reaching out to our community
07/16/2023
What’s the best place to start for community outreach?
Common solutions for commercial loan imaging
07/16/2023
What systems do financial institutions rely on for commercial loan imaging?